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UAE Says FDI Inflows Jumped over 44.2 %

The Foreign Direct Investment (FDI) inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019
The Foreign Direct Investment (FDI) inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019
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UAE Says FDI Inflows Jumped over 44.2 %

The Foreign Direct Investment (FDI) inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019
The Foreign Direct Investment (FDI) inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019

The Foreign Direct Investment (FDI) inflows to the UAE grew 44.2 percent in 2020 to $19.88 billion as compared to 2019, despite the fallout of the COVID-19 pandemic which has taken its toll on the global economy, according to a report by the Ministry of Economy.

The cumulative value of foreign direct investments inflows amounted to $174 bn, a growth of 12.9 percent during the reference period, Emirates News Agency (WAM) quoted the report as saying.

FDIs covered all economic platforms, primarily the Oil & Gas, considering the massive investment partnerships struck by the Abu Dhabi National Oil Company (ADNOC) with a number of foreign companies, it said.

The UAE has drawn FDIs for digital economy, including Artificial Intelligence, Internet of Things, blockchain, medical knowhow, augmented and virtual reality (AR and VR), robotics, self-drive automobiles, renewable energy, innovation, agritech, etc, it added.

In terms of FDI outflows, they amounted to $9.2 billion and covered various vital economic sectors, including aviation, transportation, mining, renewable energy, real estate, construction, communication, oil & natural gas, traditional & renewable energy, logistics, ports and infrastructure, tourism, leisure, banking, and agriculture sectors, said the report.

Minister of Economy Abdullah bin Touq Al Marri said: "The investment landscape of the UAE has been steadily developing over the past years with the rapid introduction of progressive measures that have earned the nation a coveted position internationally while leading regionally thanks to the directives of our wise leadership to provide a business-friendly environment conducive to facilitating doing business and development that serves the greater good of the country."

He added that the next period will see more measures to strengthen the investment landscape and grow investor confidence in priority sectors.

Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said the significant growth levels secured by the UAE in terms of FDIs are reflective of increased investor confidence in the country's investment ecosystem.

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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
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EU Needs Rare Earths Strategic Reserves against China Threat

File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)
File photo: A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Picture taken July 16, 2011. (Reuters)

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.

Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.

"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.

The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defense and aerospace.

The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licenses are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.

Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.

China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.